The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
AMERICAN CAMPUS CMNTYS INC COM 024835100 14,469 339,500 SH   SOLE   339,500 0 0
AMERICAN TOWER CORP NEW COM 03027X100 12,695 87,750 SH   SOLE   87,750 0 0
APOLLO COML REAL EST FIN INC COM 03762U105 5,372 291,949 SH   SOLE   291,949 0 0
AVALONBAY CMNTYS INC COM 053484101 14,165 83,029 SH   SOLE   83,029 0 0
BANK MONTREAL QUE COM 063671101 8,768 113,778 SH   SOLE   113,778 0 0
BANK N S HALIFAX COM 064149107 7,083 125,477 SH   SOLE   125,477 0 0
BOSTON PROPERTIES INC COM 101121101 11,675 93,630 SH   SOLE   93,630 0 0
BRIXMOR PPTY GROUP INC COM 11120U105 8,040 466,910 SH   SOLE   466,910 0 0
CAMDEN PPTY TR SH BEN INT 133131102 13,980 153,964 SH   SOLE   153,964 0 0
CDN IMPERIAL BK COMM TORONTO COM 136069101 7,812 90,086 SH   SOLE   90,086 0 0
CHESAPEAKE LODGING TR SH BEN INT 165240102 4,633 145,700 SH   SOLE   145,700 0 0
COLONY CAP INC NEW CL A COM 19626G108 7,406 1,200,276 SH   SOLE   1,200,276 0 0
DDR CORP COM 23317H854 7,245 513,111 SH   SOLE   513,111 0 0
DIGITAL RLTY TR INC COM 253868103 23,612 210,950 SH   SOLE   210,950 0 0
DOUGLAS EMMETT INC COM 25960P109 8,559 213,720 SH   SOLE   213,720 0 0
ESSEX PPTY TR INC COM 297178105 12,810 54,229 SH   SOLE   54,229 0 0
EXTRA SPACE STORAGE INC COM 30225T102 11,991 121,300 SH   SOLE   121,300 0 0
GRANITE PT MTG TR INC COM 38741L107 8,199 449,987 SH   SOLE   449,987 0 0
HCP INC COM 40414L109 23,166 906,710 SH   SOLE   906,710 0 0
HEALTHCARE TR AMER INC CL A NEW 42225P501 7,430 278,400 SH   SOLE   278,400 0 0
HILTON WORLDWIDE HLDGS INC COM 43300A203 18,263 230,299 SH   SOLE   230,299 0 0
HUDSON PAC PPTYS INC COM 444097109 16,672 476,200 SH   SOLE   476,200 0 0
INVITATION HOMES INC COM 46187W107 16,906 741,812 SH   SOLE   741,812 0 0
KIMCO RLTY CORP COM 49446R109 5,370 329,052 SH   SOLE   329,052 0 0
KITE RLTY GROUP TR COM NEW 49803T300 5,250 313,461 SH   SOLE   313,461 0 0
MANULIFE FINL CORP COM 56501R106 3,911 218,333 SH   SOLE   218,333 0 0
MFA FINL INC COM 55272X102 5,577 728,118 SH   SOLE   728,118 0 0
MGM GROWTH PPTYS LLC CL A COM 55303A105 4,218 140,210 SH   SOLE   140,210 0 0
PARK HOTELS RESORTS INC COM 700517105 5,677 186,200 SH   SOLE   186,200 0 0
PEBBLEBROOK HOTEL TR COM 70509V100 7,953 205,300 SH   SOLE   205,300 0 0
PROLOGIS INC COM 74340W103 11,597 179,749 SH   SOLE   179,749 0 0
QTS RLTY TR INC COM CL A 74736A103 3,586 89,000 SH   SOLE   89,000 0 0
REGENCY CTRS CORP COM 758849103 15,829 257,168 SH   SOLE   257,168 0 0
REXFORD INDL RLTY INC COM 76169C100 6,984 223,000 SH   SOLE   223,000 0 0
ROYAL BK CDA MONTREAL QUE COM 780087102 9,011 120,040 SH   SOLE   120,040 0 0
SABRA HEALTH CARE REIT INC COM 78573L106 6,501 298,766 SH   SOLE   298,766 0 0
SIMON PPTY GROUP INC NEW COM 828806109 9,518 56,095 SH   SOLE   56,095 0 0
SL GREEN RLTY CORP COM 78440X101 15,504 154,470 SH   SOLE   154,470 0 0
STAG INDL INC COM 85254J102 6,052 223,976 SH   SOLE   223,976 0 0
STARWOOD PPTY TR INC COM 85571B105 9,276 426,089 SH   SOLE   426,089 0 0
SUN LIFE FINL INC COM 866796105 4,797 119,734 SH   SOLE   119,734 0 0
TORONTO DOMINION BK ONT COM NEW 891160509 16,312 282,699 SH   SOLE   282,699 0 0
TPG RE FIN TR INC COM 87266M107 8,332 410,023 SH   SOLE   410,023 0 0
VENTAS INC COM 92276F100 3,691 64,900 SH   SOLE   64,900 0 0
VICI PPTYS INC COM 925652109 16,825 812,782 SH   SOLE   812,782 0 0